Accounting Exam 3

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Author:
andreabyerly
ID:
79222
Filename:
Accounting Exam 3
Updated:
2011-04-12 21:02:40
Tags:
Accounting
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Description:
Accounting Chapters 8, 9, 10
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  1. Depreciation Methods: Straight-Line Method
    (Cost - Salvage) / Useful Life in Periods
  2. Depreciation Methods: Units-of-Production Method
    • Step One:
    • Depreciation Per Unit = (Cost - Salvage Value)/ Total Units of Production

    • Step Two:
    • Depreciation Expense = Depreciation Per Unit x Units Produced in Period
  3. Depreciation Methods: Declining-Balancce Method
    • Step One:
    • Straight-Line Rate = 100% / Useful Life

    • Step Two:
    • Double-Declining-Balance Rate = 2 x Straight-Line Rate

    • Step Three:
    • Dereciation Expense = Double-Declining-Balance Rate x Beginning-Period Book Value
  4. Change In Estimates for Depreciation
    (Book value - Revised Salvage Value) / Revised Remaining Useful Life
  5. Natural Resources: Cost Determination and Depletion
    • Step One:
    • Depletion Per Unit = (Cost - Salvage Value) / Total Units of Capacity

    • Step Two:
    • Depletion Expense = Depletion Per Unit x Units Extracted and Sold in Periods
  6. Total Asset Turnover =
    Net Sales / Average Total Assets
  7. Days Sales Uncollected =
    (Accounts Reveicable/Net Sales) x 365
  8. Interest =
    Principal Of The Note x Annual Interest Rate x Time In Years
  9. Accounts Receivable Turnover =
    Net Sales / Average Accounts Receivable

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